DMAR Feb 2022 - Will Mortgage Rates Break 4% in 2022?
Interest rates have been on a downward trend since 1981 when the 30-year fixed rate hit 18.5%. Just three years ago they were almost 5%. Now, news cycles are headlining rates jumping from 2.625 to 3.25% in 2021 and climbing from 3.25 to 3.5% in 2022.
If you bought your first home in the 80’s, 90’s, or even 2000’s, you're laughing out loud when the words “jumped” and “climbing” are used with rates in the low 3’s.
The low rates in 2020 and 2021 both propelled and offset the insanity which was extreme housing demand with a limited supply. I don’t have to remind you of what happened, but it does beg the question…
Where do we go from here?
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